AMO/MMP Pension Plans Question

Hello to the best community on the web!

I am a current maritime academy student and am a current 9 year veteran of the USCG (8 year active, reserves as of now!). I am attempting to compare (if possible) the retirements of merchant mariner route as opposed to the active duty side of the USCG (officer path only). I am thinking of trying to put in for OCS through the MARGRAD program or if I should stick with the private side of seafaring!

Hope to hear some good dialogue!

-Boats Dos

As far as I’m aware AMO has completely scrapped their traditional defined benefit pension for new members in favor of a “defined contribution” pension, which is like a 401k where X amount is put in each pay period until you retire. I can’t say how good it is because I’ve never heard what the contribution amount is to hand any idea of how much you’d have at retirement.

MMP still has a traditional pension and you should be able to look up what it is on their site. Probably something in the range of 40% of your best 5 consecutive years out of you’re last 10. (Don’t quote me, go look yourself.)

MEBA has better pay and retirement, though fewer contracts for deck officers.